4 points The stock in Kennedy Corporation is held by John (60%) and Jacqueline (404). One year before the liquidation of Kennedy, the shareholders transfer properties to the corporation in transaction that qualifies under $351. Induded in that transfer was land (FMV $450,000; 1/8 $400,000). Pursuant to its liquidation in the current year, Kennedy distributes the land (current FMV $300,000) pro rata to John and lacqueline What amount of loss will Kennedy recognize on the distribution? 50 O $60,000 $40.000 $100,000